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stion INVENTORY IMPAIRMENT Santa's Toy Store reported the following cost and net realizable value information for its toy inventory at December 31, 2021: Time left 136:11 Net Realizable Value (NRV) Historical Cost $25,000 $19,000 $24,000 $28,000 Inventory Item Dolls: Sally Smiles Barbie's Besties Puzzles: Small 50-piece puzzle Large 100-piece puzzle Trucks Fire Truck with Sound Police Paddy Wagon $10,000 $12,000 $8,000 $12.000 1,000 $27,000 $28,000 $30,000 TOTAL $125,000 $130,000 on 9 Test the inventory for impairment in value on an individual item-by-item basis. What is the ending inventory balance that should appear on the December 315 Balance Sheet? ili out of III % 22 an 9 Test the inventory for impairment in value on an individual item-by-item basis. What is the ending inventory balance that should appear on the December 31" Balance Sheet? out of A B 1 1 Inventory Item Historical Cost Net Realizable Value (NRV) Inventory Valuation Dolls Sally Smiles $24,000 $25,000 $19.000 Barbie's Besties $28.000 $10.000 $8.000 $12.000 $12,000 Puzzles Small 50 piece puzzle Large 100 pieco puzzle Trucks Fire Truck with Sound Police Paddy Wagon $28 000 $32,000 $27,000 $30.000 on 10 Prepare the adjusting journal entry needed at December 31, 2021 assuming inventory is tested for impairment on an om watem hasis 10 Prepare the adjusting journal entry needed at December 31, 2021 assuming inventory is tested for impairment on an Kem-by-item basis. if no adjusting journal entry is required, state "No Entry with a brief explanation as to why. out of B 1 % General Journal Account Name Date Debit Credit on 11 Would inventory need to be written down at December 31, 2021 if impairment testing were applied on a group basis 1 Would inventory need to be written down at December 31, 2021 impairment testing were applied on a group basis Why or why not? Explain in one or two sentences BIO !!! III % %